Keep checking our blog, we will keep you updated about the latest developments in the real estate market. If you have any questions or concerns about your own personal situation I would be happy to give you a FREE one on one legal consultation. You can call me at 916.442.6400, send me an email at tgreene@tedgreenelaw.com or just visit my websitewww.upsidedownca.com.

When the federal government wanted to assess the damage done by faulty records keeping and unethical policies, the regulators told the banks that they needed independent consultants to review the file. Companies such as Deloitte & Touche, Ernst & Young, PricewaterhouseCoopers, and Promontory Financial Group were hired to audit the banks’ files for homeowners that were foreclosed upon. These groups were not capable of due diligence thanks to backroom payoffs and direction from management. Some auditors were instructed to review files that were less likely to have errors. Homeowners whose loans were through JP Morgan Chase were reported as being victimized less thanks to Deloitte employees who were instructed to look the other way. Promontory’s employees performing the audits were given incentive to complete file audits quickly with some employees given gift cards up to $500.

In an odd turn of events, the banks paid the auditors to robo-sign the audit of robo-signed foreclosures. Senator Elizabeth Warren of Massachusetts became interested in this issue in March and started hearings in early April. Somehow the banks had control of determining who would receive damages and how much. A statistically unsound sample of 100,000 files were reviewed while the remaining 4 million people were let down by lack of government oversight and bribery from the banks being audited. Overall, the seven outside consultants the banks hired received $2 billion. The settlement was already a big win for the banks; only homes foreclosed on between 2009 and 2010 were included.

Adding insult to injury – Rust Consulting – the company that was chosen to disburse the settlement funds has bungled its end. A major political player, Rust has its own PAC and had regulators believing that they were the best people for this job. In April, a batch of checks went out to homeowners for the settlement. Those checks bounced because Rust lacked the foresight to move funds into the proper account. The next thing that angered those outside of the banks was the incorrect amount issued to 100,000 people. Rust says that they have addressed these issues but only time will tell.

Overall, the banks are still ahead of the game and government officials may have to hound their every move. We can only hope that no bank is too big to prosecute and that the ruling will fall on the side of the people who were victims of predatory practices. If you have any questions or concerns about your own personal situation I would be happy to give you a FREE one on one legal consultation. You can call me at 916.442.6400, send me an email at tgreene@tedgreenelaw.com or just visit my website www.upsidedownca.com.

Most likely it’s not. The article below shows a surprising survey in which 77 percent of Americans believe the crisis is still here. I have to admit that while I do know that there is still some pain to go I had no idea that the number of average people who also believed this was so high.

This type of survey is the most important kind because it gets the statistic from those who matter the most – everyday Americans. If your mortgage is upside down and you are not sure what to do, you don’t really show up in most surveys or statistics.

But when someone asks your opinion about the housing crisis you will tell them your true feelings. The media reports of the recent good news don’t ever get to the level that this recent survey did. The recent uptick which caused the good news reporting was largely based on a lot of “investors” buying up investments. Another cause was the slowdown of foreclosures due to the Attorney Generals settlement. That doesn’t help the average homeowner and as a matter of fact, the first quarter of 2013 shows an uptick in foreclosures. It’s no wonder most people aren’t feeling well about the housing market right now.

The average homeowner either has an upside down mortgage or knows someone who does. The water cooler talk at the office or the unemployment line is still about the housing mess.

Of course there are parts of the country doing okay and didn’t experience a real estate bubble. So when you look at national statistics it gets even harder to come away with information that means anything to anybody. It also means that the places that are bad are heavily affected if the average doesn’t look so horrible.

What most Americans do know very well is what is happening in their neighborhood and this recent survey paints a continuing picture of despair to quite a lot of folks.

If you have any questions or concerns about your own personal situation I would be happy to give you a FREE one on one legal consultation. You can call me at 916.442.6400 or send me an email at tgreene@tedgreenelaw.com or just visit my website www.upsidedownca.com.